Over the past 12 months, Krones' share price has declined by a modest 2.5 %, slightly underperforming the SDAX, which rose by 5 % over the same period. Despite the stagnating share price, the latest financial reports point to robust growth, with a record order backlog of EUR 4.1bn and a promising outlook well into 2025. While cyclical industry uncertainties pose a risk, Krones' resilience and market position make it a compelling long-term investment, which AlsterResearch’s analysts believe is not yet accurately reflected in the company's valuation. With a 30% upside to the consensus and AlsterResearch’s PT of EUR 129.00, the experts reiterate their BUY recommendation. The full update can be downloaded under https://www.research-hub.de/companies/research/Krones%20AG

Enapter today presented its growth story live at the Equity Forum (EKF) in Frankfurt, after yesterday announcing strong international demand and the renaming of its large multicore system to AEM Nexus, which can have a capacity of up to 1 MW. This means that approximately 3 AEM Nexus systems would be sufficient to store the energy of one onshore wind turbine. In addition, a contract for a 500 kW AEM Nexus was announced yesterday by the Czech building materials company “Unigrani”, which is to be expanded to 1 MW over time and will generate revenues of around EUR 1-1.5m (order backlog EUR 26.8m). AlsterResearch’s analysts expect revenues to double every year until 2025, driven by sales of scaled-up multi-core systems, with the potential for double-digit EBITDA margins by 2026. AlsterResearch’s recommendation is BUY with a target price of EUR 20.00. The full update can be downloaded under https://www.research-hub.de/companies/Enapter%20AG

123fahrschule (123fs) was able to continue its positive development in the third quarter of 2023. The company achieved sales of EUR 5.2m, which in turn led to a balanced EBITDA. Reported key performance figures confirm AlsterResearch’s view that the company is well on track to achieve its full year target of EUR 20m (eAR EUR 20.6m) and a balanced EBITDA (eAR). Following the successful capital increase, fresh funds of EUR 1.7m provide a comfortable financial cushion to reach the final introduction of online theory lessons into German law, which is expected at the end of H2 ‘24. Meanwhile, management can focus on operational growth. Therefore, AlsterResearch’s analysts confirm their DCF based target price of EUR 7.20 and their BUY rating. The full update can be downloaded under https://www.research-hub.de/companies/research/123fahrschule%20SE

Following the sale of its last remaining trading asset in Italy, FCR Immobilien AG continues its expansion strategy with the acquisition of a fully let retail center in Werdau, Saxony. The property generates annual rental income of approximately EUR 830K. Despite, or rather because of the difficult market conditions, AlsterResearch’s analysts expect lucrative initial yields at the upper end of the usual yield range of 8-10% and thus a positive FFO contribution of around EUR 250K p.a. despite higher interest rates. The acquisition increases the annualized net rental income of the FCR portfolio to more than EUR 32m and the market value to more than EUR 410m. In addition, the partial placement of the recently issued 7.25% bond should significantly improve the group's financing structure. AlsterResearch’s analysts therefore consider the refinancing of the '24 bond to be secured. AlsterResearch’s experts reiterate their BUY rating with an unchanged price target of EUR 23.50 and see good entry opportunities at the current price level. The previous full update can be downloaded under https://www.research-hub.de/companies/FCR%20Immobilien%20AG

Rubean's FY22 results were in line with expectations with revenues of EUR 0.83m, representing a decent 26% yoy growth. However, this result was well below the original target of EUR 2m due to slower than expected software adaptations for the enterprise market. The net result was EUR -4.2m, slightly better than expected. However, negative equity (EUR -3.56m) and net debt (EUR 4.12m) were the main concerns. To address the financial challenges, Rubean carried out two capital increases in 2023, raising a total of EUR 3.6m. Given the still tight financial situation, AlsterResearch’s analysts see the "soft" revenue guidance of EUR 2m for FY23 at risk, as well as further constraints to effectively scale the business. As a result, AlsterResearch’s analysts adopt a more cautious outlook with halved revenue forecasts and a delayed break-even point, leading to a revised PT of EUR 7.00 and a downgrade to HOLD from BUY. In the view of AlsterResearch’s analysts, further evidence of successful business scaling is needed for a more optimistic stance. The full update can be downloaded under https://www.research-hub.de/companies/Rubean%20AG

CHAPTERS Group completed a capital increase. The company issued 1.65m new shares at an issue price of EUR 17.61, with gross proceeds of EUR 29m. The capital increase indicates that the company will complete a few acquisitions in the upcoming days and weeks. CHAPTERS Group’s main target is building a group of established portfolio companies that hold leading positions in their respective niche markets. AlsterResearch’s analysts believe that CHAPTERS is also ensuring sufficient funds to drive the organic growth of its portfolio companies in the short-term, while keeping flexibility for further M&A. Perhaps the company will have more to report as early as next week, when CFO Marlene Carl will present at the Deutsche Börse Equity Forum. Adjusting for the capital increase, AlsterResearch’s analysts come to a new PT of EUR 21.00 (old: EUR 22.00). AlsterResearch reiterates to BUY. The full update can be downloaded under https://www.research-hub.de/companies/CHAPTERS%20Group%20AG

AlsterResearch initiates coverage of LM Pay S.A. with a BUY recommendation and a PT of EUR 71.00 offering an upside potential of 30.3%. LM Pay is the first and sole Polish independent and non-bank financial institution specializing in care now and pay later offerings. With its 12 years of experience, the Fin-Tech company is in a leading position in its attractive niche market for medical consumer loans. In 2023, LM Pay's primary focus is to expand its core business by expanding its network of affiliated medical facilities and increasing the total value of medical loans. With attractive growth drivers, investors obtain the chance to participate in a successful Fin-Tech growth story. The full update can be downloaded under https://www.research-hub.de/companies/ABOUT%20YOU%20Holding%20SE

Gerresheimer is currently in investment mode, expanding production capacities for long-term customer contracts for syringes, pens, and auto-injectors, also for treating obesity based on GLP-1 (glucagon-like peptide). In this regard, the company recently has celebrated the start of construction of a plant expansion at its facility in Querétaro, Mexico, which will increase the company’s manufacturing capacity for syringes for the North American market by several hundred million RTF-syringes (ready-to-fill) annually. AlsterResearch’s analysts continue to expect the company to disproportionally benefit from the growing GLP1 market. AlsterResearch reiterates the PT of EUR 125.00 and the BUY rating. With a 31% decline in share price from the 52-week high of EUR 122.90, investors who previously missed their opportunity can now seize a new chance to join the ranks. The full update can be downloaded under https://www.research-hub.de/companies/research/Gerresheimer%20AG

Shares of niiio finance group AG ("niiio") soared over 53% to EUR 0.60 yesterday, approaching a three-month VWAP of approximately EUR 0.53 prior to the company's "going private" announcement. The price jump came on no apparent news, but on significant trading volume. About four weeks ago, niiio announced that UK-based Pollen Street Capital and related funds were planning to take niiio private. This deal, which includes an investor and shareholder agreement as well as several capital measures, positions Pollen to potentially gain over 90% control. For AlsterResearch’s analysts the potential delisting and the uncertain treatment of minority shareholders raise strategic questions. While the Pollen acquisition benefits niiio's buy-and-build strategy, outside investors may face uncertainties. As a result, AlsterResearch downgrades the stock to SELL with an unchanged PT of EUR 0.50, reflecting the limited upside post-surge and the looming delisting threat. The full update can be downloaded under https://research-hub.de/companies/niiio%20finance%20Group%20AG.

Deutsche Rohstoff hosted a Capital Market Day with CEO Jan-Philipp Weitz and CFO Henning Döring, focusing on the current business development and the potential of its acreage in Wyoming. With the sale of Utah assets and full development in Colorado, the company now has an operational focus on Wyoming. The wells brought into production there so far are exceeding expectations, indicating a highly prospective location. Deutsche Rohstoff also plans to start drilling in the deeper Mowry formation where any commercial success would be pure upside as no reserves have been booked to date. The confirmed guidance suggests EV/EBITDA multiples of less than 2x in 23E and 24E, underlining the deep value on offer to investors, whereby risks are contained through an expanded hedging book. BUY with unchanged PT of EUR 55.50. The full update can be downloaded under https://www.research-hub.de/companies/Deutsche%20Rohstoff%20AG